Norway recovers $5.7m in crypto stolen from Axie Infinity

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As a researcher with a background in cybersecurity and blockchain technology, I find it truly remarkable how Norwegian authorities were able to successfully freeze and return nearly $6 million in stolen crypto from the Axie Infinity hack. The collaboration between Økokrim, the FBI, and Chainalysis showcases the power of international cooperation in combating cybercrime.

Norwegian authorities have effectively seized and restored $5.7 million worth of cryptocurrency that was stolen during the Ronin bridge hack.

Norway managed to recover and preserve approximately $6 million worth of stolen cryptocurrency from the 2022 hacking incident on the online game Axie Infinity, which resulted in a loss of over $620 million.

Last Friday, Sky Mavis, the blockchain company responsible for Axie Infinity, announced in a post that the National Authority for Economic and Environmental Crime in Vietnam and the United States Federal Bureau of Investigation, in conjunction with chain analysis experts from Chainalysis, had seized their assets as part of an ongoing investigation.

Today, we’ve received noteworthy updates from the Norwegian administration and Økokrim. The Economic and Environmental Crimes Investigation and Prosecution Agency of Norway (Økokrim) has effectively seized and returned approximately $5.7 million in ill-gotten gains linked to the Ronin bridge incident.

— Sky Mavis (@SkyMavisHQ) June 7, 2024

As a researcher, I’ve discovered that around 15% of the retrieved assets will be utilized to cover expenses related to the recovery process, whereas the rest, which amounts to 85%, will be transferred into the Axie Infinity treasury.

I’m grateful for the unwavering support and collaboration from various entities, with a special mention to Økokrim and the FBI, during our collective efforts to trace and retrieve the stolen crypto assets. Their relentless dedication has been crucial in safeguarding the interests of the Axie and Ronin communities.

Sky Mavis

The blockchain company announced that an extra $40 million worth of cryptocurrencies from distinct funds have been immobilized. However, they were tight-lipped about the reasons behind this action, stating “these assets may require some time to be restored, and we currently lack sufficient information to provide a definite timeline for their recovery and subsequent return of these separately held assets.”

In 2022, a breathtaking $620 million heist targeted Axie Infinity’s cross-bridge connecting the Ronin sidechain to Ethereum. The suspected masterminds behind this daring cyberattack were reportedly North Korean hackers. Preliminary investigations indicated that they manipulated an engineer from the company into applying for a fraudulent job offer, which concealed malicious code designed to infiltrate and compromise Ronin’s systems.

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2024-06-07 17:06